Jazeera Airways Reports 7.1 Million Dinars Net Profit in Q3 2026

Kuwait City -- Kuwait Airways announced on Monday that it posted net profits of 7.1 million Kuwaiti dinars (approximately $22.5 million) in the third quarter of 2026, with earnings per share of 32.32 fils, a decline of 4.47 percent compared to the same period in 2025.

In a press release, the company’s board chairman, Marwan Boudi, stated that the group’s operating revenues reached 62.1 million dinars (approximately $199 million), down 10.6 percent from the same period last year.

Boudi explained that these results reflect the challenges the airline faced in an operating environment affected by geopolitical instability in the region, a sharp rise in fuel prices, and operational constraints, including the airport’s operating hours being capped until September 20.

He noted that average jet fuel prices rose by 55 percent to reach $139 per barrel, compared to $90 per barrel during the same period last year, leading to a 28 percent increase in fuel costs despite an 18 percent drop in operational flight hours.

He added that all these conditions, along with reduced operational capacity and adjustments to the route network, contributed to a decline in passenger numbers, aircraft utilization rates, and profitability.

Boudi said that Q3 profits were also impacted by salary expenses of 1.4 million dinars (approximately $4.5 million) incurred by the company during the preparation phase to operate its own ground handling services, prior to obtaining the necessary license in October.

He pointed out that during the third quarter of this year, the airline transported 1.07 million passengers, a decrease of 26.3 percent compared to the same period in 2025. Seat load factor fell by 1.3 percentage points to 74.9 percent.

Boudi noted that for the first nine months of 2026, Kuwait Airways recorded group operating revenues of 177.9 million dinars (approximately $572 million), an increase of 3.7 percent compared to the same period last year. Net profits for the period stood at 15.7 million dinars (approximately $50 million), down 32 percent, with earnings per share of 71.41 fils. (End) KNA / KHA